The Lubricants Market in North America is expected to grow from US$ 34.47 billion in 2021 to US$ 40.03 billion by 2028; it is estimated to grow at a CAGR of 2.2% from 2021 to 2028.
The US, Canada, and Mexico are major economies in North America. The North America automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period. The COVID-19 pandemic significantly impacted the sector’s growth in 2020 and 2021 due to several factors, such as nationwide lockdowns and a decline in investments. However, the industry is expected to gradually gain its pre-COVID growth rate by FY 2022–2023.
North America Lubricants Market Segmentation
North America Lubricants Market – By Base Oil
- Mineral Oil
- Synthetic
- Bio-Based Lubricants
- Others
North America Lubricants Market – By Product Type
- Engine Oil
- Hydraulic Oil
- Gear Oil
- Grease
- Compressor Oil
- Others
North America Lubricants Market – By End Use
- Oil and Gas
- Industrial
- Chemical
- Automotive
- Marine
- Others
by Country
- US
- Canada
- Mexico
Companies Mentioned
- BP plc
- Chevron Corporation
- China Petrochemical Corporation (Sinopec)
- Exxon Mobil Corporation
- Fuchs
- Lukoil
- Royal Dutch shell plc
- Total
- Valvoline LLC
Market Overview
The automotive industry experienced significant setbacks due to the pandemic. However, the easing of travel restrictions, increased transportation activities, and widespread vaccination efforts in 2021 contributed to the industry’s recovery, driving automobile sales. To capitalize on this rebound, numerous automotive companies are making substantial investments in vehicle manufacturing to boost production and sales.
Key factors fueling automobile sales include population growth, rising disposable income, and the accessibility of credit and financing. As vehicle sales increase, so does the demand for lubricants, reinforcing market growth. Additionally, heightened investments in electric vehicles (EVs) are further propelling the lubricants market, demonstrating a strong correlation between automotive industry expansion and lubricant consumption.
Market Dynamics and Regional Insights
The United States recorded the highest number of COVID-19 cases among major North American countries, negatively impacting production and end-use industries, thereby limiting market growth. However, by November 2021, approximately 60% of the total U.S. population had been fully vaccinated, aiding economic recovery.
Industries across North America, including the automotive sector, have been gradually regaining momentum. According to Statistics Canada, automobile sales rose by 25% in the first seven months of 2021. The revival of the automotive sector, coupled with industrial growth, is expected to further drive lubricant demand in the coming years.
Strategic Insights
Strategic insights into the North America lubricants market provide data-driven analysis of industry trends, key players, and regional dynamics. These insights help businesses identify growth opportunities, differentiate themselves from competitors, and tap into emerging market segments. By leveraging data analytics, industry stakeholders—including investors and manufacturers—can anticipate market shifts and position themselves for long-term success.
A forward-thinking approach is crucial for navigating this dynamic market. By staying ahead of evolving trends, businesses can make informed decisions that enhance profitability and solidify their market presence. With new technologies and features, companies can attract customers and expand into untapped regions, ultimately driving sustained growth in the North America lubricants market.
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Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications
Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
